World economy faces the worst year since 2009

The world economy is facing its worst performance since the financial crisis more than a decade ago as the spread of the corona virus increasingly dashes hopes of a swift rebound. Bank of America Corp. economists warned clients that they now expect 2.8% global growth this year, the weakest since 2009. Just weeks since most economists bet the China-led slump would quickly reverse once the virus was contained, many are rethinking that optimism as swathes of Chinese factories stay shut and workers idled.

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China still has a long recovery ahead. Bloomberg Economics calculates the economy ran at 60%-70% of normal this week, albeit up from 50%-60% a week ago. For now, key central banks are holding off cutting interest rates as they wait to see the full economic effect of the virus with rates already at or near record lows.